Friday, August 22, 2008

Morning Review - 08/22/08


1011 ET - Still have good up momentum with both price and $TICK. Little selling activity in the market ahead of the Bernanke speach at 1000 ET. Dollar stengthened overnight. Oil weakened a little.

1030 ET - $TICK starting to weaken a little. An hour a way from the European close. Will have to wait and see when short-term equity traders start taking profits.

1100 ET - Large divergence occurred between price and $TICK at 1039 ET. Market may be topping out.

1120 ET - Getting a nice correction following the divergence. Entering the lunchtime period and the European close.

Charles

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